ISLAMABAD: The Dutch telecommunications giant VEON Ltd has actually purchased all stakes in its telecommunications endeavor from the UAE-based Dhabi team in Jazz Pakistan.
VEON in its main declaration launched on Monday introduced that it has finished the purchase of minority shareholding in Pakistan Mobile Communications Ltd (PMCL).
VEON is an international telecommunication services business headquartered in Amsterdam, the Netherlands.
It runs services primarily in Asia, Africa and also Europe. It is the ninth biggest mobile network operator worldwide with around 214 million customers.
VEON announced it has successfully ended the acquisition of the 15 percent minority stake in PMCL from the Dhabi Team for $273 million. The purchase gives VEON 100pc ownership of PMCL.
The transaction has actually given VEON full ownership of Jazz Pakistan. This streamlines as well as enhances the team’s governance over its Pakistani properties as well as allows VEON to catch the amount of this growing organization, consisting of future returns paid by PMCL.
Sergi Herrero, VEON’s co-CEO, in the statement said that Jazz has a wealth of growth possibilities as its consumers embrace the market-leading 4G and electronic services.
Dhabi Group is a UAE-based financial investment holding business with significant service passions in monetary solutions, friendliness market, power, IT and also telecommunications, realty farming etc